South Korea unveils $17 bn stimulus, cuts growth forecast

South Korea on Tuesday announced an economic stimulus package of 20 trillion won ($17 billion) as it cut its 2016 growth forecast due to slowing global demand and the fallout from Britain’s shock decision to leave the EU. The finance ministry revised its growth target for the year to 2.8 percent from 3.1 percent, and said it would provide a supplementary budget of 10 trillion won to create jobs and cushion the impact of ongoing state-run corporate restructuring on ailing industries. “The scale of the supplementary budget was determined in consideration of the significant downward risk posed by the Brexit in the latter half of this year,” Lee Ho-Seung, a senior ministry official, told reporters.